Gazprom prices EUR1.5bn dual-tranche bond

Wed Mar 13, 2013 12:56pm EDT

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LONDON, March 13 (IFR) - Russia's Gazprom has priced a EUR1.5bn dual-tranche Eurobond offering at the tight end of guidance, according to market sources.

The borrower, rated Baa1/BBB/BBB, has issued a EUR1bn seven-year note at a spread of 210bp over mid-swaps and a EUR500m 12-year note at a spread of 240bp.

Both tranches were priced at par, to yield 3.389% and 4.364% respectively.

Books on the issue were heard at around EUR6.5bn before launch.

Final terms came tight to official guidance of 215bp area over mid-swaps for the seven-year and 245bp over mid-swaps for the 12-year (plus or minus 5bp on both tranches).

Initial price talk was in the 230bp area and 265bp area respectively.

Credit Agricole, JP Morgan and Gazprombank are the leads on the transaction. (Reporting by Davide Scigliuzzo; editing by Alex Chambers)

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